fractional currency

[gamiller]

I don't know much about these , someday I'll have to research.

 

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[silvercop]

post it in the paper money catagory, somebody there can probably tell you all about it

 

[Mackaydon]

Third issue, fractional currency December 5, 1964 to August 16, 1869.
Bust of GW.
Values: VG8: $40; VG12: $50; VG20: $60; EF-40: $70.
Values per Red Book 2008 Edition (United States Paper Money)
Where did you find it?
Don.....

 

[tlowery04]

he'll never tell :shhh:

 

[NellsCollect]

I had a dealer at a local stamp show (try to) explain fractional currency to me. I've always liked them because of their designs, and he noticed I was eyeing an example he had for sale. After telling him it was way beyond my budget, he started to explain their use. I only wish my short term memory was better, because he knew a LOT.

It seemed to have a lot to do with currency issues during the Civil War. Should be easy to locate info online.

 

[Old Bookaroo]

It's not a complicated story. The ready supply of gold and silver coins dried up. When people are scared they hoard precious metals - and back in those days gold and silver coins were made of gold and silver. It became difficult to do business because there simply wasn't enough "specie" in circulation. The US government tried various ways to solve the problem. They encased postage stamps in mica and tried to get people to use them as coins. And they printed "fractional" currency - paper coins.

The program got off to a shaky start because the Secretary of the Treasury put his own portrait on some of the early "bills." Eventually Congress passed a law that made that illegal - the customer that living people would not be portrayed on currency became law.

Good luck to all,

The Old Bookaroo